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Let’s take a quick glance at what happened on Dalal Street today.
Domestic equity markets extended the bull run for the sixth straight session as benchmark indices scaled new lifetime peaks ahead of the extended weekend. Easing inflation in India boosted the morale of investors but global signs of tightening may make the market jittery. Better than expected corporate earnings lifted the markets higher. Barring autos, buying actions were seen across the sectors led by financials, banks, metals and realty counters. BSE Sensex scaled the 61,000 mark for the first time. The BSE barometer added 570 points to close just above 61,300, only 50-odd points below its day’s high. Nifty50 gained about 180 points to close above 18,335. It scaled 18,350-mark during the day. The broader markets underperformed but both BSE midcap and smallcap indices settled in green. Fear gauge India VIX eased over 2 per cent, slipping below the 16 level.
On BSE Sensex, ITC, HDFC Bank and Power Grid zoomed 3 per cent each. They were followed by ICICI Bank, IndusInd Bank, NPTC, L&T, Tech Mahindra, SBI, Bajaj Finserv and HDFC, which gained 2 per cent each. Tata Steel, Titan and Axis Bank added a per cent each. Among the losers, TCS, HCL Tech, Bajaj Finance and Asian Paints shed a per cent each. Airtel, M&M, Bajaj Auto and Sun Pharma also ended the week lower. Over 355 stocks hit upper circuit limits for the day, whereas more than 220 stocks hit the lower circuit. About 165 stocks tested their 52-week highs during the session.
We have Vinod Nair from Geojit Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What is behind the 6-day rally? Would you be a buyer in this market?
2. The index level rally has been led by IT stocks. When will banks, auto and other underperforming sectors start performing?
We also caught up with Brijesh Bhatia from Equitymaster to decode the technical charts for you.
1. Nifty50 scaled 18,300 during the session. What do technical charts suggest about it?
2. Nifty Bank scaled new life highs during the session. Where is it headed?
Asian markets settled mostly higher for the day. Major European markets were trading with gains cues in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
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